Retailers buy into 150 Cheapside

15 June 2009

St Martins, the international property investment, development and asset management company, has secured Tesco as one of the retail tenants at its landmark 150 Cheapside office development in the City of London.

The UK’s leading retailer has taken 4,300 sq ft on ground and lower ground floors of the building, and will operate a Tesco Express store, which is expected to open in the summer.  A 15 year lease has been signed with five yearly reviews.

The letting closely follows the recent agreement with Turkish restaurant operator Haz, which has taken 7,000 sq ft of the retail space at 150 Cheapside to run a restaurant, coffee shop and patisserie on a 20-year lease with five yearly reviews. The restaurant opening at 150 Cheapside will be Haz’ fourth restaurant in the City of London.

Anthony Steffell, Assistant Executive Director at St Martins, said: “The City Corporation-led Cheapside Initiative is committed to developing the area into London’s newest shopping hotspot.  Our retail units are certainly attracting significant occupier interest and St Martins expects to announce further lettings in the near future.”

150 Cheapside is a landmark office development overlooking St Paul’s Cathedral in the heart of the City of London. The building is designed by Michael Aukett Architects and offers 179,732 sq ft of office space over 8 floors with a stunning roof terrace, and 22,000 sq ft of retail in five units. The building has a BREEAM “Excellent” rating.

Cushman & Wakefield and CB Richard Ellis advised St Martins, and GCW advised Tesco.

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For further information, please contact:
Richard Stocks, FD
+44 (0)20 7269 9355 / +44 (0)7951 328475
richard.stocks@fd.com